Web 5 by Jack Dorsey – Stablecoins, a bridge between bitcoin and the dollar
Stablecoins soon at the top of cryptos? – TBDthe subsidiary of the Block company of Jack Dorseyenters into a partnership with the issuer ofUSD Coin (USDC) to facilitate theaccess to stablecoins to investors around the world.
Democratize savings in stablecoins thanks to the developer of web 5
On September 28, during the Converge22 conference, TBD and Circle Internet Finance revealed their partnership which aims to provide a solution enabling investors around the world to transfer and save stablecoins related to American dollar.
As a reminder, TBD is an open source development platform that works on various blockchain and crypto projects. He develops a stock Exchange of decentralized cryptocurrencies, the TBDex. He is also working on a decentralized identity project, the web 5which is supposed to give back to individuals the ownership and power to store their personal data, while allowing them to interact with other actors, without the need for intermediaries.
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Stablecoins as a bridge between Bitcoin and the US dollar
This collaboration between the subsidiary of Block and the USDC issuer comes at a time when the fiat currencies of many countries are falling against the US dollar, amid agalloping inflation.
This situation has increased the adoption of cryptocurrencieswhich are then considered as safe havensin countries where fiat currencies depreciate rapidly, such as Argentina or Turkey.
People also use stablecoins pegged to the US dollar forsaving or for the transfer funds at lower prices. Stablecoins are also used to be able to make vcross-border transfers in countries where the authorities are trying to stem these transfers to control the flight of local capital.
Speaking to the CoinDesk media, TBD’s chief operating officer, Emily Chiuhas qualified the stablecoins of ” bridge “ between the US dollar, which would be reserve currency today “, and the Bitcoin (BTC) who could be ” tomorrow’s reserve currency ».
An infrastructure to connect and multiply access and exit ramps
Emily Chiu also spoke about the problems relating to access and exit ramps cryptocurrencies for ordinary consumers. People who are not used to cryptocurrencies find it difficult to access them from “decentralized way”while cryptophiles may find it difficult to convert their holdings into fiat currencies depending on their jurisdictions.
In order to solve this problem, TBD and Circle are collaborating in the construction of this protocol of transfer and savings in stablecoins to allow developers to rely on the infrastructure put in place and crypto wallet providers to connect to it. .
Through their partnership, TBD and Circle are expected to drive the adoption of USD Coin, which is expected to play a leading role in their joint venture. Thanks to this type of initiative and the conquest of various blockchains, such as Polkadot (DOT), USDC could overtake its main competitor, Tether (USDT).
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